By Sammy Hudes
The data from Royal LePage’s latest first-time homebuyers survey, conducted by Burson, showed 13% of Canadian adults are actively working toward purchasing a home within the next two years, but just a small proportion of that group plans to buy in the next 12 months.
Around 82% of them said they plan to make a purchase in 12 to 24 months.
Royal LePage president and CEO Phil Soper said first-time buyers want to enter the market with as much certainty as possible.
“Interest rates are trending lower and prices have stabilized or even softened in some markets, creating favourable conditions for long-awaited entry into home ownership, especially in costly cities like Toronto and Vancouver,” Soper said in a news release Thursday.
“Yet, hesitation remains. For some, ongoing economic uncertainty, particularly surrounding trade relations with the United States, is prompting them to hold off until there are signs of stability.”
He added that others are choosing to wait “in hopes of securing a better deal.”
“With the potential for further rate cuts from the Bank of Canada this year, those in no rush to purchase now are taking a methodical approach — building up their savings and deliberately planning their entry into the market when they feel the timing is best for them,” he said.
Last week, the Bank of Canada cut its benchmark interest rate by a quarter point to 2.5%, breaking a streak of three consecutive holds since March.
When asked what stage of the purchasing process they are in, around half of respondents to the Royal LePage survey said they are researching neighbourhoods where they can afford to live or actively browsing online listings.
Just under one-fifth indicated they are either viewing homes listed for sale in person or have been working with a real estate agent.
In order to afford their first home, 60% of buyers said they are searching in more affordable areas, 40% are searching for homes that are smaller than they originally planned and 39% are cutting back on discretionary spending to save money.
Just over half of respondents said they would not receive any financial assistance toward the purchase of their first home, while 41% said they would.
Visited 8 times, 40 visit(s) today
affordability Bank of Canada first-time homebuyers homebuying trends Phil Soper Royal LePage sammy hudes survey The Canadian Press
Last modified: September 25, 2025
